USDC

coinfeeds-bot

tldr; A multisignature wallet linked to Vitalik Buterin sold 190 WETH for $441,971 USDC. This follows a previous transaction where the wallet received 3,800 ETH from Buterin and sold 950 ETH for 2.28M USDC. The wallet still has 950 WETH available for sale. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

chuckrabbit

They’re an on-ramp. So you (or the russians, which I think is the biggest form of criticism grounded in reality) give them money and exchange it 1:1 for tether. They take that money and buy US treasuries, gold, bitcoin, or put it in a money market fund. The profit from those investments is how they make money. Similar to a real bank. They also off-ramp through tether but they take a small cut from that. It also has to be done in large chunks that mostly only exchanges and companies can afford. It is easier for the little guy to exchange tether for USDC and off-ramp through that or through an exchange.

coinfeeds-bot

tldr; The stablecoin market has reached a new milestone with a total market capitalization of $170 billion, the highest since the TerraUSD collapse in May 2022. This resurgence is led by Tether (USDT), USD Coin (USDC), and Dai (DAI), which together account for 94% of the market. Analysts view the growing stablecoin supply and the decrease in Bitcoin reserves on exchanges as bullish signs, suggesting a potential Bitcoin price rally. Increased global liquidity also supports a positive outlook for Bitcoin, with expectations of a strong year-end surge in Q4 2024. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

alesoftware

Hold a portion (5-10%) in stablecoins like USDC or USDT, especially for quick access to liquidity if the market dips and you want to buy the dip.

ZenGoOfficial

Hello - you've been selected as the bonus AMA winner of $50 in USDC to your Zengo Wallet! We will follow in DM.

FurryassTheCat

After not using my Coinbase account for ~12 months, I began a series of monthly (DCA) purchases. They had my bank information on file. The first purchase had a 5 business day hold (deposit was immediate, purchase was immediate, but 5 days before I could move it off CB). Since then all the transactions have been pretty much instantly available for off ramping. US. [These are limit orders (to avoid the ‘spread’): place the order; CB pulls the necessary amount from my bank and buys USDC; when the limit hits, CB uses the USDC to complete the purchase; I get a notification and login to move my coins; CB pays interest on the USDC while the order is open; fees are subtracted from the original USDC which means the purchase is reduced by the fees (would prefer if they would pull the fees directly from my bank at the time the order is placed… but not a show stopper.)]

BlazingPalm

There’s a lot of value in sticking it to fiat governments and banks. The network/security itself is incredibly robust- something to be proud of. The decentralized nature is amazing- no one is shut out, anyone can send any amount to anyone 24/7. One thing that is quite frustrating for me with banks is transferring money via ACH takes DAYS. Many compare BTC to credit card networks like visa, but I think this is inappropriate because we’re talking about final settlement here. Credit cards are instantaneous up front, but final settlement still takes days. BTC (and yes, I also use USDC for this) is similarly very fast to transfer, and final settlement happens after several confirmations, usually within 2hrs? But yeah, ultimately, this would be fine but does not inspire like being fabulously wealthy does. Good news is all those cool features are included AND we can get filthy rich through BTC. “We’re any risks info provided to you?” Only every day by “normies”, media, economists, etc. they may not be all wrong, but I will posit that they are not fully correct either. Come on in- the waters great!

s1l3ntB3h0ld3r

I found this (just wait till 13.09) At 2024-09-10 03:00 (UTC), Binance will delist all existing MATIC spot trading pairs (i.e., MATIC/BNB, MATIC/BRL, MATIC/BTC, MATIC/ETH, MATIC/EUR, MATIC/FDUSD, MATIC/JPY, MATIC/TRY, MATIC/USDC, and MATIC/USDT) and cancel all pending MATIC spot trading orders. At 2024-09-13 10:00 (UTC), Binance will open trading for the POL/BNB, POL/BRL, POL/BTC, POL/ETH, POL/EUR, POL/FDUSD, POL/JPY, POL/TRY, POL/USDC, and POL/USDT trading pairs.

uncapchad

it should say on Binance site Deposit. Enter USDC and below that, it brings up all supported networks and the related fees.

Jumpy_Conference_576

what network does USDC need to be on to buy ASI on binance ? so confused, can’t deposit fiat so wna send USDC from coinbase to binance

coinfeeds-bot

tldr; BBVA, a Spanish multinational banking giant, has introduced Circle’s USDC stablecoin for its institutional and private banking clients in Switzerland. This service allows clients to manage USDC alongside traditional investments on the same platform, facilitating exchanges, custody, and conversion of USDC into euros, U.S. dollars, or other currencies for quicker transactions. This addition aims to enhance efficiency for institutional clients, such as investment fund managers, who use stablecoins for trading cryptocurrencies across various exchanges. BBVA Switzerland is exploring further expansions based on client needs. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

DBRiMatt

G'day from Australia! The local currency is dollarydoos. BTC still holds at 86k ETH holds at 3.6k Feeling bullish with a 0.5% pump on USDC, rising to $1.5257 - time to sell! /s

millennial-snowflake

Pretty sure you gotta "buy" USD or USDC (stablecoin pegged to dollar) first with your card... Then use the USD or USDC in your account to buy crypto.

coinfeeds-bot

tldr; Polymarket traders are betting that Kamala Harris will 'win' the first debate against Donald Trump in the upcoming U.S. Presidential debate scheduled for Sept. 10. Despite this, bettors are currently giving Trump an edge with odds at 52-46. The total amount bet on the Polymarket election contract is nearing $850 million as the debate approaches. Polymarket is a blockchain-based betting platform where bets are placed using the stablecoin USDC. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

infraa_

Yeah, just do a 30-60% LTV I'm thinking about doing this (like 20x a day), but am just worried about counterparty risk. The only institution that I know of that I would consider it (Unchained), has a dumb minimum of 150k. That's the only reason I haven't gotten a loan against my entire stack and piled the entire USDC into more bitcoin

devCheckingIn

At this point I think I'm making more money on holding USDC 5.20% APY than crypto. 🤦‍♂️

Ok-Departure-7104

People on here really don’t understand the question. With a port of 1.5k I probably wouldn’t buy any btc at this stage in the market. When we are in bear cycle I guess it’s okay but we are in the middle of a bull run gains will be minimal. Sol looks the strongest out of the top 3 blockchains imo, it’s also the fastest and cheapest so technically has the most upside. Also considering that this is where most degen money lies. If you agree about my statements regarding SOL, jup would probably be the next thing I’d add based of the increase of volume sol will have and hence jup being used more often. Can refer to uniswap pump last cycle for reference as they are essentially the same thing just on different exchanges If you like memecoins, I’d expect to see decent sized pumps during full force of bull run so could diversify between blue chip memes you like there. Should also always have USDC to hand as well.

CryptoAstronautics

Bitpay you can buy gift cards including Visa gift cards with USDT or USDC. Just make sure you’re careful with websites and links

Importance-Sweet

USDC

69IAN420

If you use wrapped Bitcoin instead of bitcoin, then you can deposit it to AAVE and borrow USDC to buy other crypto or pay your bills. So your BTC can buy more BTC or some alts but you should probably keep your collateral as mostly BTC.

rdy_csci

I spent the last $25 I had in USDC on BTC just now.

Double-Code1902

I think it could become at some point reserves to back different currencies. Treasuries will eventually be worthless. But the digital version of political currencies hopefully not cbdc will be the form of money. Like USDC EURC and so forth. These are backed by treasuries. I can see Bitcoin being a common reserve.

BicycleOfLife

CDC has actually great features, but you do NOT use it for trading. Unfortunately best trading is probably Coinbase right now, but I never EVER keep money on Coinbase. They have the worst security and support. CDC I use if I have to hold any amount for any period of time not in self custody, and if I want to do things with it like off ramp or spend on the card. Which by the way… is the BEST way to off ramp crypto is to DEX into Tether or USDC and then send to CDC and trade to cash and top up the debit card, then you just spend it like cash everywhere

Every_Hunt_160

The difference is that Circle is a company 'regulated' in the US, while Tether is 12 employees unregulated somewhere in the Bahamas Basically - Coinbase (Circle) vs FTX (Tether) situation (although tether is bigger than USDC)

funkinaround

Looking forward to your next post about disowning USDC.

jam-hay

USDC's m/cap has only increased $30 billion over the same timeframe, is three and half times smaller by market cap yet oddly surpasses USDT for transactions. https://www.bloomberg.com/news/articles/2024-04-29/circle-s-usdc-takes-lead-in-stablecoin-transactions-visa-says ..but yip you're right isn't audited either and dispite looking more realistic than tether not sure I'd be placing much trust in it either.

funkinaround

The reason to disown it is because they publish quarterly attestations? USDC doesn't have a full audit either.

CipherScarlatti

So, did it automatically figure out how to convert and switch chains as needed? Can it calculate fees so all that's needed is a dollar designation? Because this story seems like a whole lot of nothing but: "We made 2 "Ai" do a transaction with USDC."

Cryptago777

Expecting all businesses to accept USDC, on the Base Network of course, as a means of currency. And does the IA only take customers' Base USDC or does it exchange anything we pay it?

CaptainDr

How is USDC not counterfeiting the dollar

coinfeeds-bot

tldr; Binance has introduced fixed rate loans for USDC and FDUSD stablecoins, offering predictable borrowing costs with locked-in interest rates. The service features auto-repay and principal protection, aiming to benefit both borrowers and suppliers by providing stable APRs throughout the loan period. USDC loans are available at a 7.8% fixed rate for 30 days with a minimum of 50,000 USDC, while FDUSD loans come with an 11% fixed rate for the same duration and minimum amount. Binance manages the loans, which are over-collateralized to reduce liquidation risks, and supports auto-repay and auto-renew options for convenience. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Binance

Hello u/abc_34, In most cases, using USDT or USDC for spot trading on exchanges won't have a major impact on your actual trades. There could be differences in liquidity across various stablecoin pairs.  While your BTC holdings shouldn't be directly affected if a stablecoin depegs, market volatility following such an event could impact BTC's price. It's always advisable to choose reputable stablecoins with strong backing and transparent reserves to minimize risks. Overall, for most traders, the choice between stablecoins for spot trading will likely come down to personal preference and the specific fee structure and liquidity.

Enough_Coyote_1033

Blockchain and USDC is all you need.

Enough_Coyote_1033

Blockchain and USDC is all you need.

leavesmeplease

yo, sounds like you found a solid groove with Coinbase. I’ve heard different things about how long it takes to access funds depending on how you fund your account, but that limit order strategy sounds pretty slick. Aiming for the best price and getting interest on USDC is a win. Just be sure to keep an eye on those fees and your overall strategy, you know?

FurryassTheCat

Coinbase has been pretty much instantaneous for me lately. US here. It may depend on how you’re on ramping cash. Credit/debit card, ACH, wire transfer, … I’m using limit orders to eliminate the ‘spread’ so basically Coinbase pulls the calculated amount from my bank, ‘buys’ USDC and waits for the price to hit (they pay interest on the USDC), once the order fills I can move the tokens to my Ledger immediately. I’ve been with Coinbase since ‘21.

coinfeeds-bot

tldr; Ripple is set to launch its US dollar-pegged stablecoin, Ripple USD (RLUSD), soon, as announced by CEO Brad Garlinghouse at Korea Blockchain Week. Currently in closed beta, RLUSD aims to bridge traditional finance with decentralized finance (DeFi) and improve payment infrastructure within the Ripple network. Fully backed by USD and short-term US government bonds, it seeks to compete with leading stablecoins like USDT and USDC. Despite regulatory challenges from the SEC, Garlinghouse remains optimistic about crypto's future. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

earnandsave1

What is the best wallet with low fees and quick access? I have Coinbase, but you have to wait 5 days before sending crypto. Crypto .com you can only use a credit card, so fees are pretty high (compared to linking bank account). Phantom is good, although fees are high (4.76% when buying USDC from bank account, is that normal?)

xXk0g1t0Xx

what are you exchanging? for example coinbase (if i remember well) lets you exchange USD for USDC without any commission/fee 1:1

Kiwip0rn

Sell at the beginning of September 2025. Hold it in a stablecoin that collects some interest (like 5% APY on USDC on the Coinbase Custody platform or whatever is your favorite) Buy back in November 2026 (preferably DCA over a couple of years, but it is up to you). Sell 18 months after the halving in 2028 (late August/early September 2029?) Then decide in 2029 if you want to play another 4 year cycle.

emlanis

It’s clear that COIN has been making strides and catching attention in the GameFi space. I’m also gearing up for the TRIBAL TGE, which is just around the corner in two days. Tribally’s focus on “A Bet on Gaming” and features like USDC betting are really interesting.

jam-hay

>"*clarifying that any sales were to support cryptocurrency projects and charities*" Why not just transfer the charities/ crypto projects ETH directly whilst highlighting/ verifying the on chain transactions for transparency? Doesn't look like he's done that instead the ETH has been converted into USDC.. >"This recipient address later swapped 190 ETH for 477,000 USDC." Doing this undermines the utility of ETH as a form of payment, surely isn't tax efficient and quite rightly attracts skepticism/ cynicism. It also will attract unwanted attention from regulators and undermines Eths long-term value. If Satoshi stated to sell his stack of Bitcoin it would do the same. Appears to be a very silly move from someone so / respected/intelligent.

thetan_free

It looks like they'll lend USDC but not USD?

DBRiMatt

G'day from Australia! The dollarydoos provide a glimmer of hope! BTC is 86k ETH is 3.7k USDC is 1.49656... "dumping" by -0.23%... I'll keep calm, keep accumulating, and keep smashing beers! 🍻

BioRobotTch

Algorand are supporting third parties to build the stablecoins & exchanges required for on chain FX. There are already several stablecoins. Algorand has native atomic swaps which are perfect for FX exchange so the Herstatt risk is eliminated. There are a few interesting projects building things which may enable more on chain FX by adding more stablecoin usecases. Immersve + Pera Wallet + Mastercard are enabling stablecoins to be used to make mastercard payments. Some mainnet transactions for USDC have already been seen. Public live is expected soon. The way Immersve have built their smart contracts will allow them to extend to other stablecoins. I can see EURC being the next one due to the Eurozone having relatively clear regulation about how to handle stablecoins in the MiCA legislation. Immersve have said public payments in the eurozone will be available this year. The UN + Circle + Hesabpay. Is one that intrigues me. Hesab pay was a phone based payment system serving Afghanistan originallty used by the UN to distribute aid payments. This was seen as a success and now many payments for goods and services can be made. The UN consider it a success and now plan to roll it out to Afghanistan, Yemen, Syria, Libya, Sudan and Somalia. I am not sure how closely Circle are involved maybe they plan to use USDC instead of a Hesabpay created stablecoin for these geographies where the monetry systems can be complex. In Yemen for example only coins/notes created before 2017 are accepted in the north but all are accepted in the south. There are crypto based lending platforms like Folks Finance and CompX too where decent returns can be made on USD and Euro stablecoins. As the stablecoins variety currencies increases FX will naturally increase too. It will give customers a cheaper alternative to highstreet currency exchange with lower fees and spreads.

diskowmoskow

Plot twist, it’s a yield bearing USDC

Double-Code1902

How would this compare to USDC? I think long long term with stable BTC after price discovery could make sense. We need to pay miners (and I would love a way for Bitcoin holders to passively participate in transaction fees without losing custody). But usdc could do the same thing.

Pleasant_Bit_4562

Name me one way that is cheaper than USDC on low latency time frames where the gas fees are low and it’s instant. I’m doing AUD to USD aswell. Paying to contractors. Blockchain is perfectly traceable. You need to read about crypto before bagging it out.

coinfeeds-bot

tldr; On-chain data reveals that Shiba Inu (SHIB) has one of the highest concentrations of wealth among its top 10 wallets, holding 61.2% of its circulating supply. This level of centralization is considered concerning as it can influence market dynamics and decision-making within the network. The analysis by Santiment also highlights other cryptocurrencies with significant wealth concentration, including Polygon (MATIC) and Uniswap (UNI), and contrasts them with assets like USD Coin (USDC) and Dai (DAI), which have a more distributed ownership. The centralization of wealth in cryptocurrencies like SHIB poses risks of market instability. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

SquatchMarin

Look up chokepoint 2.0. They want to control your money with a USDC.

veegaz

I'm not sure what I'm looking at, it seems like that these assets were just withdrawn and sent to other addresses Does the link you sent also show assets that were effectively sold for USDT/USDC/USD?

jspartanlee

USDC

coldfisherman

I think the problem is really that he was too "bitcoin solves everything!!" mindset. In reality, it's an excellent "Fort Knox" type of thing to stabalize a national currency. I mean, he could have used to as a backing to make something like USDC for el salvador. The USA should keep a stockpile as well.

corn-potage

DUH! Why would people use old grandpa coin to pay when the value could change day-to-day, and Lightning UX is horrible? People use USDT on Tron, USDC on other chains. Bitcoiners are in a cult, out of touch with reality.

vancity-boi-in-tdot

"art", while I'm only a small fish in crypto, I laugh shit like this.  Although I admit I may be old and ignorant, I see them Jpegs with 0 established copyright  or trademark law as far as i can tell that are used primarily for money laundering until this can be proven otherwise. Crypto is a bit different. There is some utility (e.g. international transfers with low fees, block chain etc yet debatable over benefit over audited dbs) but the rhetoric is entirely facepalm worthy by some people a few years ago (slightly less so now). "It's going to end currency as we know it" "US dollar is dead", etc. It's clear like any security it is highly dependent on interest rates and the US fed now like any traditional security, when rates fall the price rises, when they rise the price falls, (as well as other macroeconomic factors) and so clearly dominated by the US dollar and the extension of USDT and USDC for support, that anyone that thinks it's going to replace the US dollar in this century at least is a complete idiot. (Same with the joke concept of BRICs, where authoritarian POS governments that don't even  trust their own citizens will somehow cede control and financial independence to other nations theyve historically never trusted (see: sino Soviet split, indo China war and border skirmishes). Add to wll traditional institutions adopted crypto, and it's clear as day it's a  security.  And tbf, like crypto, I'd rather nft be treated as a security because of the all of the scumbags involved, see: Luna, FTX, quadriga,  social media influencers, etc, who screwed little fish, and all thr money launderers involved especially for authoritarian pos government officials and international crime syndicates are held to account and little users aren't screwed. Say what you want about the SEC, but the last seismic  scandal they were involved in was 25+ with enron/Arthur Anderson scandal and they really got their shit together afterwards in terms of investor protection. 2008 crisis was on the big banks, fed, and fannie mae freddie mac, not sec.

SuperGalaxies

Just use Robinhood or coin base until you learn more. A lot of these apps and "wallets" are scams. Also stick to the big coins like USDC. Again, the smaller coins are scams.

offgridgecko

I mostly stick with DEXs and on-chain stuff, so if that is the case here, it's pretty safe to say the funds are gone. What platform were you using to trade on. The general rule of thumb in crypto is everything is for keeps, specifically because the blockchain is immutable. Most people are lucky in that they learn with a small amount, like $100-$200 worth of fiat money invested, but there are definitely others, so many that there should be support groups for crypto trades gone awry. Even with years in crypto I've sent USDC to the smart contract instead of the intended recipient and made other errors. What platform were you using to trade? If this was an ETF type deal there may be an option somewhere, just have to check with them and see what they say. If it was coins on chain those coins are likely gone. I'm pretty sure the major exchanges maintain a lack of sympathy not because they are evil, but if they didn't it would be an easy entry point for scams against them.

rusty0004

Many may enter but only 1 will exit (USDC | BlackRock)

ReMoGged

Yup, the problem is that people don't give a f*. Most have no clue what privacy is or why money (Crypto) should be private. All they see is that if someone wants to hide something then one must be guilty of something. People are buying crypto not because tech or to use it but because their friend is making money. Monero is actually used mostly as a currency and it has been used as currency for years, it's the only crypto that has been truly used to buy and sell products. Mostly drugs, but that's just because most people have no clue what privacy is or why it is important or how to actually USE crypto. Fiat money is also used a lot to buy drugs but it doesn't mean that everyone who uses cash is a drug dealer or user... Imagine getting into trouble because you used a 10$ note that was previously used to buy crack! Well, that's how Bitcoin, Ethereum (USDC), and almost all other cryptos work but not Monero. Monero is actually just like fiat money. One day people should comprehend that showing your transactions and balances to the whole world is a really bad idea.

DBRiMatt

Traders mostly buying USDC with their WIF ?? xD

fatlever2

https://bscscan.com/address/0xfd81c579d29881c2387e3823e430fde359338dec#tokentxns click > Token Holdings > $9.40 USDC

halfxyou

I get being a little paranoid but this level of paranoia, to the point it’s affecting your mental health, is unnecessary man. Use a Cypherock Wallet for cold storage, keep using air-gapped wallets, and just don’t do anything sketchy on your computer and you’ll be safe. If it makes you feel better, you can convert it all to USDC/EURC.

DBRiMatt

G'day from Australia, the local currency is Dollarydoos! Despite the red, BTC still sits at 88k. USDC has recorded a -0.19% movement, and dipped down to $1.4985 - rough times!! Keep calm, and grab a beer!🍻

No-Tackle-8652

So DAI now has a freezing function like USDC. Why wouldn't I just use USDC then

coinfeeds-bot

tldr; Aave Labs has proposed an update to its GHO Stability Module, involving the use of BlackRock’s tokenized fund BUIDL’s shares to maintain the dollar peg of its stablecoin GHO. The proposal suggests exchanging users’ USD Coin (USDC) for BUIDL shares when minting GHO, with the tokens held in a smart contract until redemption. BUIDL, valued at $1 per token with over $502 million in assets, offers a new yield source and partnership opportunities. This move aims to boost GHO’s market cap and maintain its stablecoin peg, leveraging BUIDL’s liquidity and USDC integration. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

jawni

>Cardano's TPS is currently sufficient for its volume. grats on having low enough volume not to stress your low throughput chain I guess? 🎉 >As I said, within a few years, we will ~100x the scaling. As I said, 7 years in isn't the time to be saying "in a few years". Cardano leans a little too hard into the "marathon not a sprint" ethos for my taste. But "in a few years" I guess we'll see. >We didn't take seven years to prioritize governance, but only the last few years You haven't improved scaling and you're just now implementing formal governance, so does this distinction even mean anything with regard to my point? If you didn't take 7 years for governance, what else was accomplished during that time, seeing as it wasn't scaling? >There is a big difference between holding discussions in a forum and letting a small group of stakeholders decide off-chain which proposals deserve final implementation, compared to an on-chain voting system where thousands of Dreps can make proposals and vote with liquid voting power granted by ADA holders, effectively controlling a half-billion-dollar fund in a decentralized way. In theory, not in practice. In practice formal decentralized governance is still very immature(we see this time and time again from the thousands of other "DAOs" that get mismanaged) and I'd guess that's why not many chains have chosen to prioritize it. >The USDM supply isn't 3 million; it's about 7 million right now. And I agree it's tiny. The community will work to get USDC on board after the Chang hard fork, since we will then take full control, and many of us want USDC to be natively supported here. Outside of this, Cardano is also being integrated into Thorswap at the moment, so around Q4 2024 or Q1 2025, we can swap ADA to USDC (and other tokens like BTC, ETH, etc.) back and forth in a decentralized way using the Thorswap DEX. I also agree Djed is a joke; that's why many within the community like USDM more at the moment. Just goes to show you that "native" assets are holding you back as much as they are helping you. Going out of your way to bridge wrapped stablecoins because your "native" ones suck too much. It's good that Cardano is finally becoming part of the multi-chain world, but I still foresee the liquidity lacking even with a bridge. I guess we can also file this one under "in a few years" we'll see. >If you're interested in Cardano statistics, Taptools.io is the go-to site. Check it out; it's amazing. I've used taptools before, it's alright, but there isn't much support for Cardano outside of Cardano-specific tooling, if at all. No Dune support, no Nansen support, no Zapper support, barely any DefiLlama support. Feels entirely siloed from the rest of the industry, both in data and liquidity. >And you don't have to worry about the treasury being depleted; the community would never allow that. if there is one community's judgment who I do not trust, it's 100% the people who you say would never allow it and even then, saying "the community would never allow that" means **absolutely** nothing. >We are sustainable; you are creating a fictional scenario where the treasury is suddenly gone and calling us unsustainable because of it, but that doesn't make any sense. It would take an incredibly long time before the treasury would ever deplete, and by that time, the transaction fees would contribute massively to the treasury. Your chain is generating near zero revenue and is somehow magically sustainable in perpetuity? Where is the money coming from? Has Charles Hoskinson discovered alchemy? >And those key insights aren't that meaningful. Almost every altcoin has had a hard time over the last few months. During an altseason, such numbers are radically different. Not necessarily, that may be the rule but there were definitely exceptions and not every bad Q2 is equal. So hand-wave it away just based on the market if you want, but there might be more to it. I feel like a lot of the defense of Cardano is just "it's bad but it will get better", what is actually good about Cardano? (and don't say decentralization but decentralization is only valuable if the underlying chain has value, most Cardano people also tend to fixate on just validator numbers and ignore the many other factors) What would make someone choose Cardano over Ethereum or Solana?

NFTbyND

Cardano's TPS is currently sufficient for its volume. As I said, within a few years, we will ~100x the scaling. We didn't take seven years to prioritize governance, but only the last few years. I recommend checking out the Cardano roadmap. If you think that both groups will largely operate the same with regard to governance, you couldn't be more wrong, and I'd recommend watching videos about what the Chang hard fork will enable. There is a big difference between holding discussions in a forum and letting a small group of stakeholders decide off-chain which proposals deserve final implementation, compared to an on-chain voting system where thousands of Dreps can make proposals and vote with liquid voting power granted by ADA holders, effectively controlling a half-billion-dollar fund in a decentralized way. The USDM supply isn't 3 million; it's about 7 million right now. And I agree it's tiny. The community will work to get USDC on board after the Chang hard fork, since we will then take full control, and many of us want USDC to be natively supported here. Outside of this, Cardano is also being integrated into Thorswap at the moment, so around Q4 2024 or Q1 2025, we can swap ADA to USDC (and other tokens like BTC, ETH, etc.) back and forth in a decentralized way using the Thorswap DEX. I also agree Djed is a joke; that's why many within the community like USDM more at the moment. If you're interested in Cardano statistics, Taptools.io is the go-to site. Check it out; it's amazing. And you don't have to worry about the treasury being depleted; the community would never allow that. We are sustainable; you are creating a fictional scenario where the treasury is suddenly gone and calling us unsustainable because of it, but that doesn't make any sense. It would take an incredibly long time before the treasury would ever deplete, and by that time, the transaction fees would contribute massively to the treasury. And those key insights aren't that meaningful. Almost every altcoin has had a hard time over the last few months. During an altseason, such numbers are radically different.

jawni

>If we look at outputs per second, Cardano can easily send transactions to over 80 unique users per second (example: https://eutxo.org/block/929db73bc3c36f256206090384e514350c76656c4193b5759ec7db4ab2304b9c) because we can add more recipients in our wallets before sending a transaction. Not every chain can do this natively (like Ethereum). You are referring to a transaction used with the smart contract Disperse. What's the distinction? They are saying other chains can do this and don't use it to excuse low TPS. You're just saying other chains *do* actually do this, but just "natively"... how does that matter in any material way? >It's true that you'd have to send 1 ADA with every NFT on Cardano, whereas on Ethereum you don't. That is because NFTs on Cardano are native tokens and on Ethereum they are ERC-20 smart contract tokens. We could mimic this on Cardano, and you'd then not have the 1 ADA requirement anymore, but it would be way less safe. With native NFTs, we cannot get our entire wallet emptied by simply interacting with a malicious NFT, like on Ethereum, for example. Seems like a clunky way to handle security and wallet drainers generally happen irrespective of the NFT implementation. To get fully drained you would have to enable spending permissions for every single one of your assets(which should be very easily identifiable on most wallets before you confirm the txn) or the more likely and realistic scenario is your key was compromised and in that case it would really matter what token standard your NFT was using. Using a "native" NFT wouldn't protect you. >It may also be true that there can still be some congestion on Cardano with token launches (I haven't seen any recently, but I trust your word for it). This is because we prioritized governance upgrades over scaling. Cardano's most important hard fork will initiate within a few weeks, and 3 months after that, the community will have full control over the chain and the currently half-a-billion-dollar worth treasury. Every single ADA holder can vote for representatives that can make proposals and vote for changes, and anyone can become a representative—pretty cool. In contrast to Ethereum, with its off-chain governance model, where only a very small group of people decides which EIPs are final and going to be implemented and which ones are not. Both groups largely will operate the same, through social consensus whether on-chain or not. Taking 7 years to prioritize formal governance is fine, but it should not have come at the expense of scaling. >After the hard fork is complete, we will focus on scaling and specifically implement ZK-rollups on layer 1! And Ouroboros Leios will also result in about 100x the TPS with input endorsers. We already have peer-reviewed papers on these matters and can start developing them after the hard fork with Plutus V3. Within a few years from now, Cardano's maximum TPS will ~100x as a result of these upgrades. Transactions on Cardano have always been very cheap and will always remain cheap, whereas on Ethereum you can easily pay over $50 per transaction in a bull run. It's great that it is currently very cheap on Ethereum, considering their volume, which is impressive and great to see. Within a few years, Cardano will catch up with regard to scaling capabilities. I'll believe it when I see it, but even in 2024 this feels about 3-4 years too late. Also saying Cardano is cheap by solely comparing it to the most expensive blockchain isn't a great look. That's literally just saying "yeah, it's expensive but it's not the most expensive!" >I noticed you like to compared Cardano to Ethereum in your post, but Ethereum does many things worse than Cardano as well. For example, you need 32 ETH to stake independently, and it's locked up; you risk slashing. The team has given up scaling the layer 1 and solving the blockchain trilemma, etc. It does one aspect of staking worse? Most people are fine with liquid staking or custodial staking. This seems like an extremely fringe benefit that 99% of people do not care at all about. >iUSD is not seen as a real stablecoin within the Cardano community because it isn't a fiat-backed stablecoin but a synthetic one. The current fiat-backed stablecoin on Cardano is USDM with about the same market cap as iUSD. do we really wanna get into Cardano stablecoins? Pretty embarassing offerings, once again because of Cardano's obsession with "native" assets they cannot support the clawback that other custodial stablecoins require meaning no USDC nor USDT. USDM has a tiny supply ($3,000,000 on Cardano) and [barely even does 5 figures of daily volume on the most popular Cardano DEX](https://minswap.org/tokens/usdm). Also the stablecoin market cap on Cardano had a QoQ decrease for the first time since Cardano’s first stablecoins were launched in November 2022. DJED is even more of a joke, at least USDM *tends* to keep its peg even though it somewhat often deviates. Also, where the fuck is any of the tooling or dashboards for Cardano? I can't view pool stats on minswap, defilamma doesn't really support Cardano, GeckoTerminal doesn't support Cardano. Can't use Nansen, doesn't support Cardano, they're only EVM and Solana. (are you sensing a theme?). For a 7 year old chain, not a great sign that it's largely absent from almost all of the largest chain-agnostic tooling, assets, infrastructure, etc. Thank god Messari conveniently released their State of Cardano Q2 report 2 hours ago otherwise I don't think I would've ever found up-to-date statistics. >I'm also not sure what you meant by "not economically sustainable" because if the treasury depletes, we will relatively use more transaction fees to add to the treasury. The staking rewards % coming from the treasury halves about every 4 years by design. We currently have over half a billion dollars worth in ADA in the treasury that the community will take full (on-chain) control over; it would be a wonder if that ever depletes, and the proceeds from transaction fees will increase over time. There is nothing economically unsustainable about these well-researched mechanisms. You will *only* use transactions fees if the treasury is depleted and according to https://cryptofees.info/ , Cardano would need to survive on roughly $6,000 per day at the current level of fees and of course, the revenue and treasury balance is tied to the price of ADA, so you're at the mercy of the market as well. No one besides Ethereum has really become sustainable, but Cardano seems to have a very steep uphill climb to get to that point, as they need to simultaneously increase throughput and decrease fees, not an easy task. tldr: Cardano's "native" solutions aren't great design decisions(native NFT, no clawback, eUTXO) and haven't caught on even after 7 years, it's also impacted the crypto application with best PMF: stablecoin adoption, network activity isn't at a point to sustain the network and yet that small level of activity still leads to higher than normal txn fees relative to the industry, and Cardano doesn't seem to have any niche or any aspect that it would be consider an industry leader or even close that would make me hopeful for it's future to change. Cardano maxi's like to say "the market doesn't care about the tech" but the reality is the market just doesn't care about *your* tech because they don't like it and don't find it useful. You look at charts to see what the market cares about, you look on chain to see which tech people care about, and usually they are correlated. [and just some extra figures straight from Messari's Q2 report, sort of illustrates the same things, it's literally the entire "Key Insights" copy-pasted, I didn't cherrypick anything](https://messari.io/report/state-of-cardano-q2-2024): Key Insights * Revenue (USD) decreased 44.3% QoQ to $0.74 million. This was impacted by Cardano’s 27.5% QoQ decrease in average daily transactions, which fell to 31,800. * TVL (USD) fell from the all-time high set in March, down 41.2% QoQ to $219 million. * Stablecoin market cap fell for the first time ever in a quarter, down 26.2% QoQ to $16.4 million. However, USDM and MyUSD emerged as their market caps grew 2,557.6% to $3.2 million, and 694.8% to $2.1 million, respectively. * ADA’s token price decreased 39.7% QoQ to $0.39, with its market cap rank falling from 9th to 10th. * The NFT sector continued a downtrend that has sustained for over a year. Average daily NFT sales fell 57.4% QoQ to under 730, while average daily NFT volume (ADA) fell 44.2% to 150,000.

DBRiMatt

G'day from Australia! The land of the Dollarydoo! BTC is at 95k ETH is at 4.1k And even the mighty USDC is up +0.31% - might have to take profits!

ManifestCartoon

But even if I can contact them do you think they’ll actually send my USDT back to me from the USDC wallet/address? Everyone else said they won’t be able to

piggleii

USDC maybe?

Positive-Theory_

You could transfer the funds to USDC on coinbase and earn a steady 5% APY without having to transfer to fiat and having to pay taxes. Just remember to click the little opt in box, you're opted out of earning interest by default. If you do cash out to fiat I would recommend getting a discover savings account. It pays 4.5% APY compounded daily and paid monthly.

ndaviesxo

The rise of USDC just goes to show the increasing trust in stablecoins amid market volatility. This might just be the tip of the iceberg

MaximumStudent1839

Last time I checked, DAI is backed more by USDC than ETH. It is why when USDC depegged, DAI also depegged during the Silicon Vally crisis.

GabeSter

Obligatory for those that don't know: Polymarket is a crypto prediction market on Polygon. Bets are made with Crypto using USDC. Yes this is relevant to crypto. Poly market is not available in the US.

biba8163

I posted this 4 years ago when people tried to call MakerDAO decentralized and that a change was made due to "governance" vote that was passed...they deleted the link to details of the "executive vote" proposal. You really have to be a crypto bro level of naive and gullible to believe that MakerDAO or any DAO is decentralized. > There are ELEVEN addresses that accounted for 98% of the voting for the protocol change for an "executive vote" used USDC. Eleven addresses control the entire protocol and a protocol change was voted in just...what 24 hrs? And most of those addresses are probably owned by a handful of people. I mean one guy, Rune Christensen, can control the whole protocol with his votes and 90% of the MKR tokens are owned by 100 wallet addresses. https://np.reddit.com/r/CryptoCurrency/comments/fl68d4/crypto_collateralized_stable_coins_have_proven/fkxc40i/

GabeSter

Before someone says this isn't about crypto. Polymarket is a prediction market on Polygon where users place bets on real world events using USDC on Polygon. It's not available to US users.

cryptolipto

I wonder if you’ll be able to put up a super unique gaming NFT as collateral based off the marketplace price and borrow USDC from it like on aave or something. That would be so cool

tomsabb

Why didn't you think of borrowing the money by using 1 btc as collateral? Thorwap.finance was offering 50% value in USDC of 1 btc as an interst free loan without the threat of liquidation, and you can pay back the loan any time you like in future.

Ferdo306

I think non-EUR stable scoins can be used in EU but those stable coins would have to have limitations in terms of supply and volume So USDC and USDT are automatically a 'no go' as their supply and volume breaches the limits EUR based stablecoins don't have those restrictions

Flynn_Kevin

>I bet someone will enjoy playing with arbitrage now. USD-USDC-EURC-EUR Been doing this with EURS and EURD on Algorand for a bit already. Would be nice to be able to direcly ramp it through Coinbase instead of having to convert to USDC first.